University of New Mexico’s Board of Regents voted on Friday to temporarily “table” discussion of a $13 million investment in Innovate ABQ to provide more time to vet questions about the project.
The regents held a special meeting to discuss the initiative, which aims to establish a high-tech research and development center in Downtown Albuquerque that could turn the city’s core into a bustling center for technology-based economic growth. It was the first time regents had an opportunity to analyze the project’s costs and benefits in depth, and they raised many questions about the terms and conditions for buying property to house Innovate ABQ, and about potential liabilities if the project goes south.
“There’s still a lot we need to know, and a lot of questions that need to be answered,” said Regent Gene Gallegos during the meeting.
Gallegos proposed a motion, unanimously approved by the regents, to suspend further discussion until late January to give the board more time to gather and review documentation from UNM administrators.